- Global energy giant BP has indicated that renewables will remain the fastest growing sector in the global energy market for the next 20 years. Demand for biofuels is expected to average 8% per year up to 2030, which drastically out paces the fastest growing fossil fuel, natural gas. The BP report gives gravitas to a global switch to renewables which are widely believed to bring social, environmental and long term financial benefits. The report does however indicate that energy demand will increase by 39% in the same period, and fossil fuels will remain a major contributor (81%) to the energy mix. As such, global CO2 emissions are expected to increase by 28% by 2030.
- The report also indicates that European countries will experience increased energy security issues as reliance on imported energy sources to meet demand. The car industry however will likely see the slowest growth in energy demand due to green vehicle manufacturing and increases in efficiency.
The key message is that like any progressive industry, benefits are better realised when competition is high within an open and free market where innovation and increases in efficiency can occur. This comes as BP also warned that without significant technological breakthroughs, the rollout of green technologies will fail to impact on the environmental issues they are developed to tackle.
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